Cancer Vaccines Market to Gain Traction at 17.7% CAGR through 2023

01 Feb 2018 • by Natalie Aster

LONDON – Vaccines refer to biological preparations that fortify the immune system and confer artificially acquired immunity against a specific pathogen. Cancer vaccines are widely known for the treatment of different kinds of cancer like pulmonary cancer, cervix carcinoma, and breast cancer, among others.

Worldwide, the value of the cancer vaccines market is projected to grow from USD 4,073 million as of 2016 to reach USD 12,814 million by 2023, recording an impressive CAGR of 17.7% in the forthcoming years. The factors responsible for the market growth comprise rising prevalence rates of HPV infections resulting in cancers, a hike in the administration of prophylactic tumour vaccines, the launches and approvals of new cancer vaccines in the market, and increased investment in the development of tumour vaccines by producers & state financing, amid others. Nevertheless, longer timeframes necessary to produce a single vaccine put a stay on the development of novel vaccines and hence restrain the market growth. Additionally, high monetary inputs for tumour vaccines development lower their adoption in the marketplace and hinder the market’s growth.

Geography-wise, North America captured the majority market share as of 2016, and the region is likely to keep on taking the lead over the next few years. The regional market’s growth is mainly underpinned by factors such as an increase in cervical cancer prevalence rates, governments’ increased focus on vaccination programs, emergence of novel vaccines, and expanding technological advances pertaining to vaccine administration. Meantime, APAC is poised to exhibit maximum potential for growth on the back of improvements in healthcare settings, higher disposable income per capita, and rapidly evolving economies.